122 A. D. 1722. 



This encouragement was founded on the confideratlon of raw and 

 thrown (Ilk paying a confiderable duty on importation. And by a fub- 

 fequcnt flatute [9 Gro. I, c. 8] the mixed manufaclures were not to be 

 intitled to the bounties, unlefs at lead two third parts of the ends or 

 threads of the warp be either all filk, or mixed and twifted with filk. 

 Eoth thefe ftatutes have fince been farther prolonged. 



By this well-judged ftatute for the encouragement of the Britifli ma- 

 nufactures in general, the feveral duties whatfoever, payable thereon at 

 exportation, were to ceafe and determine, (though they were (till regu- 

 larly to be entered at every cuflomhoufe), excepting fuch for which a 

 fpecial provifion is therein after made, viz. alum, lead, tin, tanned lea- 

 ther, copperas, coals, wool-cards, white woollen cloths, lapis calaminaris, 

 ikins of all forts, glue, coney-wool, hare's wool, hair of all forts, horfes, 

 and litharge of lead. 



Moreover, for the further encouragement of Britifli manufadures, by 

 promoting the importation of drugs, &c. ufed in dying ; all fuch were 

 (upon being duely entered) to be duty-free (faltpetre always excepted) ; 

 but on re-exportation of thofe foreign dying fluffs, they were to pay the 

 feveral duties therein fpecified ; left their being fuffered to be exported 

 duty-free fhould prove a benefit to the manufactures of foreign nations. 

 Hereby alfo half the duty on beaver fkins (now with other furs made 

 an enumerated commodity) was to be drawn back on re-exportation : 

 And the duty on the pepper of our own Eafl-India company, for home 

 confumption, which was before in all 2/ per pound weight, was now 

 reduced to j\.d per pound weight. 



By an ad: of parliament of this year, for paying off and cancelling 

 one million of exchequer bills, and giving eafe to the South-fea com- 

 pany, in refped to their obligation to circulate exchequer-bills, &c. and 

 for relief of the fufferers at Nevis and St. Chriflophers, &c. farther 

 time was allowed to the South-fea company for repaying to the public 

 the million of exchequer-bills formerly lent to them (and which was 

 accordingly repaid the year following), and alio fundry other regula- 

 tions were made concerning exchequer bills, not material to our fubjed. 

 Therein alfo there was an interefl: fixed, at the rate of 3 per cent yearly, 

 on the united principal and large arrear of interefl due to the fufferers 

 of Nevis and St Chrillophers by the French in Queen Anne's war. 



By the authority of another ad of this year, to enable the South-fea 

 company to difpofe of the effeds in their hands, &c. they fold to the 

 bank of England four millions of the'r capital flock, attended with 

 5 per cent interefl, or a yearly interefl of L200,ooo; whereby the 

 whole South-fea capital flock was reduced to L3 3,802,483 : 14 *. Here- 

 upon the bank took in a fubfcription for fale of this new ingrafted flock 

 at 118 per cent, whereby, in their corporate capacity, they gained 



* An error of L40C, as already noted, was difcovered in the fubfcriptions. /!. 



